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April 2022
April 29, 2022
April 27, 2022
Advice For a Real Estate Investor Who Doesn't Like People
Posted by JuJuan Buford @JSBUFORD
Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.
This is a small plate or redacted, edited message containing advice I recently shared with a real estate entrepreneur. The identities are mythical and some of the advice that was more tangential to the recipients have been changed to protect their identities, but the recommendations and typos are real.
Good Morning Mr. George Washington Carver,
It was a pleasure meeting with you and your partner, Ms. Kerry Washington, last week. As you are aware I'm a huge advocate of entrepreneurship, and I'm always excited to see when couples are supportive of each other.
What follows is a very brief recap of our previous conversation, which will serve as the outline of future exchanges. The subject matter is not listed in order of import (yet), but rather in the order the discussion flowed.
Your Network is Your Networth. And the axiom iron sharpens iron is a lie. Sharp iron, sharpens iron. If you spend too much time allowing something dull to rub on you, you only become duller. Find the DOrus, not the gurus.
It’s not that you’re tired of dealing with people, you’re tired of dealing with petty, dull people who are on some bs.dot.com. I've been able to build a dynamic network of people who are serious, capable, and active by using these resources.
- I encourage you to view 👉🏾 https://www.biggerpockets.com/dashboard
- Another great community of real estate investors and wholesalers 👉🏾 https://www.wholesalinginc.com/
- How to Use PropStream to Find Serious Investors / Cash Buyers 👉🏾 https://youtu.be/5gT6K2-Yphg
- How to Use ListSource to Find Serious Investors 👉🏾
- Join REI groups and monitor the discussions for people that you would like to build relationships with.
Talent and hard work alone wins games, but Teams win championships.
When building your online presence you don’t need a grandiose NASA website initially.
Start with a landing page. Make sure ALL your social media content and sites lead to the landing page. Social media is how people will find you and decide if they want to learn more about you. The landing page provides them with the opportunity to make a buying decision or give you their information (data), so you can build a prospective client base, and sift through people to decide who fits your target market. A good CRM can help you with both https://www.catchjsbuford.com/2019/10/how-a-customer-relationship-manager-crm-can-help-you-build-your-customer-base.html
LinkedIn can be an exceptional tool/landing page for your personal brand and business but remember you don’t own the real estate on LinkedIn, Twitter, TikTok, the Gram, Facebook, etc., The goal is to lead people from your social media to real estate you own = your own landing page/website, where you can collect data and build independently.
- Your posts should be consistently establishing yourself as an SME (subject matter expert) in something. Post content that is interesting to your ideal client or buyer persona. What do they want to learn about or view?
- And you just engage with people who engage with you.
- There are some important tactics that I will share, but the first two steps are how I built an approximately 30k followership, and how I intend to build a 100k followership.
Very Simple Business Credit Cheat Sheet https://www.catchjsbuford.com/2021/03/cheat-sheet-for-establishing-business-credit.html
Contact D&B and find out what your PAYDEX score is for your business. If your score is below 80. It's time to establish some additional tradelines (You want a total of 5 reporting tradelines.
Examples of tradelines are:
- Uline - Contact them and let them know you want to set up a Net30 account that reports to D&B
- Grainger - (You Must Call Them By Phone or they will mess you over) and let them know you want to set up a Net30 account that reports to D&B
- Quill - Contact them and let them know you want to set up a Net30 account that reports to D&B
- Shirtsy - Contact them and let them know you want to set up a Net30 account that reports to D&B
Be aware that each one of these companies will have a minimum spending limit, typically between $50 and $100 for a NET30. An account that will allow you to make a purchase and pay it 30 days later.
- Staples, Walmart, or just about any gas business credit card will do.
- If you have a credit card in the name of your business...Great! If not, acquire a business secured credit card. The best one you can acquire is the Wells Fargo Secured Business credit card.
Business Structuring is the foundation of the house. It doesn't matter how fine your kitchen china is, or how incredible your backyard looks, or how much you spent on your basement slash entertainment slash movie room slash workout room. If your foundation isn't right, time and bs.dot.com will reveal it.
- https://www.catchjsbuford.com/2022/04/disclaimer-this-content-has-been-made-available-for-informational-and-educational-purposes-only-and-is-not-meant-to-be-a-s.html
- This is a YouTube video I found that is a more detailed, time-consuming overview
Key Performance Indicators (My Hunch is this is where we will spend considerable time)
- How many times are people going to be invited to learn about your business daily? Ideally 100 times.
- How many times are people going to be formally introduced and learn who you are and what your value prop is? Ideally 30 times a day
- How many times are people going to be given the opportunity to make an educated, buying decision? Ideally 10 times daily
- How many times are you going to make or accept an offer per day? Ideally 3 times daily.
- If you can answer these questions daily, you can guarantee a 6 Figure plus income.
The primary objective is to help you make enough inputs and create a system, whereas these results happen without you running yourself into the ground over time.
I trust this recap serves you well, and I look forward to connecting with you Thursday.
#successleavesclues #entrepreneurshipisempowerment #nextopposocial #smallbizarchitect
_____________________________________________________________________
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
Phone 👉 888.549.9689
Need a Business Coach 👉 https://bit.ly/SmallBizArchitectureSurvey
Schedule an Appointment 👉 https://bit.ly/SmallBizArchitectureMeetUp
Learn More 👉 https://bit.ly/
Media Kit 👉 https://bit.ly/JSBBSG_MediaKit
April 22, 2022
April 21, 2022
How to Remain Focused on Your Focus & Attract Your Tribe
Posted by JuJuan Buford @JSBUFORD
#successleavesclues #entrepreneurshipisempowerment #nextopposocial #smallbizarchitect
_____________________________________________________________________
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
Phone 👉 888.549.9689
Need a Business Coach 👉 https://bit.ly/SmallBizArchitectureSurvey
Schedule an Appointment 👉 https://bit.ly/SmallBizArchitectureMeetUp
Learn More 👉 https://bit.ly/
Media Kit 👉 https://bit.ly/JSBBSG_MediaKit
April 19, 2022
Can You Really Deserve to Be Successful?
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April 13, 2022
Why Establishing An LLC May Not Be Enough to Protect Your Business
Posted by JuJuan Buford @JSBUFORD
Disclaimer: This content has been made available for informational and educational purposes only and is not meant to be a substitute for legal, accounting, or other professional advice. If you have specific questions about any legal matter, you should consult with an attorney or other professional services provider.
If you’re in the process of turning your business idea into a legal business entity, forming an LLC is an attractive option. Most business professionals cite that the primary reason to establish a limited liability company (LLC) business entity is for protection from personal liability should anything happen to your business. Or protect assets owned by an LLC (real estate for example) from liens, personal creditors, or some other type of legal harm.
It's a great idea. Remember, the rich don't own things in their personal name. Their businesses own assets, and they enjoy the benefits of those assets while mitigating liability.
However, there are some misconceptions about the extent to which establishing an LLC can protect you.
#1. I have an LLC and liability insurance coverage, so I don't need to keep an attorney on retainer.
Ok. What happens to your insurance coverage and or premiums when you use that policy?
The insurance carrier may drop you at the anniversary date, meaning you're unable to conduct business depending on the industry you're in, or after 6 months raise the rates.
Ask business owners who have endured a lawsuit and had to file an insurance claim, and they will inform you through gritted teeth how the premium increase was tantamount to the expense of retaining legal services on a monthly basis.
#2. Establishing an LLC is not a tax plan. Most tax and accounting professionals will encourage entrepreneurs to set up their LLCs as disregarded entities. However, that literally means the business entity is disregarded, meaning your business is an extension of you. For the purposes of tax planning purposes, all tax liabilities pass on to you.
There are two tax filing seasons. There is a tax filing season, and there is a tax planning season. Consulting with financial professionals and legal professionals that actually understand business financing and tax planning is critical. Professionals specialize. I’m assuming you wouldn’t hire a podiatrist (a foot doctor) to operate on your brain.
Professionals specialize. There is nothing smart or profitable about disregarding this important point. It’s not what you know that kills you in business, but rather what you don’t know. The average business planning tax and accounting professional reports that entrepreneurs miss out on tens of thousands of dollars in tax deductions and relief on a yearly basis because of this error in judgment.
Additionally, if you own multiple LLCs, you’re submitting multiple K-1 filings. Creating a bureaucratic nightmare for new entrepreneurs, greater expenses, and a host of other unintended consequences. Consider setting up a management company to manage your LLCs.
Another article is forthcoming about the advantages of management companies, however consulting a business planning professionals who specialize in this area of the law.
#3. Establishing an LLC doesn’t automatically mean you or your assets are automatically protected. Gasp!
To reiterate an earlier point, most LLCs are set up as single-owner, disregarded entities. Meaning legal liabilities also pass straight through to you. The first clue is in the word “limited” liability company. When the LLC is structured this way, it is more or less operating as an extension of you, offering limited protection.
There are rules that must be followed and suggested guidelines to ensure that the corporate veil isn’t pierced.
- Avoid commingling personal monies and business revenues. Business revenues should be deposited into a business deposit account, and you should pay yourself (deposit monies) into a personal account. If you want to buy groceries do so from your personal account.
- Many states require annual filing fees, and other bureaucratic steps to ensure compliance.
- It is strongly recommended that you acquire an operating agreement. The operating agreement for an LLC delineates each member's ownership percentage, rights, and responsibilities. While an operating agreement is not legally required, having one can be helpful in settling disputes. In other words, it’s kinda like you don’t have to tie your shoestrings in the morning, but you should else at some point you might trip and slam your face.
- Learn about and develop the habit of recording corporate/company minutes on a monthly basis. Why corporate minutes are not legally required, doing so once again can be helpful in settling disputes (particularly tax issues). Kinda like shoestrings.
- Your operations are set up in such a way that it can be argued that the LLC was set up simply to hold assets (very relevant to real estate investors) and for no other business purposes.
- Establish a management company to overcome the aforementioned argument. Consult with both a finance and legal professional that specializes in these issues.
Think about it like this. Lawsuits are business decisions. The math for the opponent boils down to how much can I expect to extract from you, subtract the costs of an attorney, and other expenses to prevail in court. Think of your LLC as a financial deterrent. If the opponent has a war chest, and the amount they can extract from you is large enough you may be headed for a doomsday scenario.
#4. Setting up an LLC in different states isn’t an airtight approach either, especially if it’s for real estate purposes. If you're holding real estate, you must abide by the laws in that state, regardless of where the LLC is set up.
#5. Another disadvantage is that LLCs don’t have shares like corporations do. This might make transferring ownership more difficult. For example, if an LLC has multiple members, every member must agree on any ownership changes.
If you need help with deciding whether an LLC or an alternative business entity is the right structure for your business schedule an appointment at 👉🏾 https://bit.ly/SmallBizArchitectureMeetUp.
#successleavesclues #entrepreneurshipisempowerment #nextopposocial #smallbizarchitect
_____________________________________________________________________
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
Phone 👉 888.549.9689
Need a Business Coach 👉 https://bit.ly/SmallBizArchitectureSurvey
Schedule an Appointment 👉 https://bit.ly/SmallBizArchitectureMeetUp
Learn More 👉 https://bit.ly/
Media Kit 👉 https://bit.ly/JSBBSG_MediaKit
April 12, 2022
WHO DESERVES TO BE SUCCESSFUL? AND WHO DOESN'T!
Posted by JuJuan Buford @JSBUFORD
I believe entrepreneurship is the ultimate empowerment, and one of the surest ways for people regardless of their ethnicity, sex, socioeconomic status, etc., to create choices for themselves.
Control what happens at their kitchen tables, influence what happens in their neighborhoods, and provide employment and economic viability for their communities and abroad.
And live #purposedriven lives, as opposed to lives of quiet desperation, being constantly preoccupied with the stress of keeping food on the table.
However, there is a prevailing mindset out there that is highly problematic, and damaging to the health of entrepreneurs... that there are some people who become entrepreneurs and are somehow entitled to a certain level of success, more worthy, or it's inevitable. And nothing could be further from the truth.
Thoughts?
#successleavesclues #entrepreneurshipisempowerment #nextopposocial #smallbizarchitect
_____________________________________________________________________
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
Phone 👉 888.549.9689
Need a Business Coach 👉 https://bit.ly/SmallBizArchitectureSurvey
Schedule an Appointment 👉 https://bit.ly/SmallBizArchitectureMeetUp
Learn More 👉 https://bit.ly/
Media Kit 👉 https://bit.ly/JSBBSG_MediaKit
April 04, 2022
If 70% Fail At Entrepreneurship, What Are The Other 30% Doing?
Posted by JuJuan Buford @JSBUFORD
THIS IS AN EXCERPT FROM A BOOK I'M CURRENTLY WORKING ON TO HELP ENTREPRENEURS MAKE THE SHIFT FROM A TEAM OF ME TO A TEAM OF WE.
“Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better.” — Jim Rohn.
- 70% of entrepreneurs fail.
- Roughly 5% of the American population makes 6 figures
- 6% of all entrepreneurs achieve 6 figure business success, only 2% ever achieve 7 figure success, and more than 50% of all business owners never exceed $25,000 each year.
In other words, achieving the financial outcomes that many entrepreneurs take aim at is an extraordinary achievement... emphasis on the "extra". Because the truth of the matter is it will require more than the super-majority of people are giving at their jobs. It will require more of you behaviorally, psychologically, mentally, and personally, especially at the beginning. And require that you become more, different than you are at present. It's going to require extra.
This article wasn’t curated to dissuade future entrepreneurs or defecate in the cornflakes of dreamers. Rather, it was written to prepare you for the journey ahead, and part of being prepared is understanding that entrepreneurship is difficult. Your primary enemies - boredom, impatience, frustration, failure, and a culture that thirsts for immediate gratification - are relentless and ever-present.
And that is why being able to answer the following questions are is so important.
- Why does your business exist, beyond simply making a profit?
- What do you want your impact or legacy to be in the world?
- Who do you want to serve? Describe them from head to toe.
- What is your WHY?
Being able to answer these questions is important because it's hard to expend your life's energies on a compromise, and success is an inside job. There is not enough motivation in the world (books, podcasts, videos, seminars, etc.) to feed you and push you to achieve your best life. At some point, you have to identify the values, beliefs, and ideas that give you energy. You need to have a well to pull from that will propel you forward before the recognition comes; create accountability when people are not looking; and push you to be excellent before the rewards become apparent.
Answering these questions will also help you frame your value proposition to the rest of the world. They will help you determine how you show up at an initial meet-up, at networking events, when you give an elevator pitch, and how you communicate your value to the world via social media and elsewhere. They are essential to helping you attract your tribe: the business partners you will eventually work with; your staff or employees; your ideal clients; and those who are willing to support and advocate for you when you're not in the room.
And just as important, answering these questions will help you stay focused on your focus. I've read that a light bulb and a laser use and produce the same amount of energy. However, while the light bulb’s energy illuminates and dissipates into a space, a laser's energy is focused allowing it to cut through, chisel, and curate the environment around it.
When you're flying from project to project, and you lack focus you'll find that while the calendar moves, you haven't progressed any further toward your goals. Additionally, you are unable to resonate with your tribe, because people don’t know who or what you are from day to day, and therefore you fail repeatedly to gain the traction (trust) and momentum (social evidence) required to push your business endeavors forward.
There's a hidden inertia that exists in business, akin to pushing a 5000 lb vehicle. In the beginning, it's tough, but once the wheels get rolling you and those observing you may marvel about how easily you're able to achieve progress. You begin building skill stacks, belief, the confidence of those around you, and wisdom. The inertia allows you to accomplish more, attract more, and invest more in your endeavors as opposed to being bogged down with the psychological strain of surviving day to day.
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A disturbing news report was released recently regarding the (double-digit) decline in the wealth of African American communities over the last decade, juxtaposed against the increase in wealth of U.S. households.
What does it mean for cities like Detroit? How can the entrepreneurial community offset this decline? Special guests Jeffrey Edwards and Godwin Inhentuge join JuJuan Buford at NextOppSocial to discuss! Learn more about NextOppSocial at www.nextoppsocial.com Join the Aftershow Discussion at www.facebook.com/groups/nextoppsocial.
Join us every week at NextOppSocial A place where you can listen, learn, and consume actionable content to launch, build, grow, and scale your businesses. We explore new topics each week and interview entrepreneurs throughout the Detroit Metropolitan Area, sharing insights regarding various subjects, important business strategies, success mindsets, and tools you can use to level up in your business endeavors.
Check out our most recent interviews 👉 👉 NextOppSocial - YouTube
At the NextOppSocial - The Aftershow we strive to provide a respectful and stimulating environment for entrepreneurs to engage in lively discussions, explore business topics, share and beta-test ideas, create substantive relationships, and sharpen the saw. We invite you to discuss, comment, ask questions, seek advice, or offer suggestions to the NextOppSocial community. Participate & Enjoy!!!
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JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
Phone 👉 888.549.9689
Need a Business Coach 👉 https://bit.ly/SmallBizArchitectureSurvey
Schedule an Appointment 👉 https://bit.ly/SmallBizArchitectureMeetUp
Learn More 👉 https://bit.ly/
Media Kit 👉 https://bit.ly/JSBBSG_MediaKit
April 01, 2022
How First Time Author's Can Write With Purpose & Enjoy Financial Success - NextOppSocial Interview with Latresa Rice
Posted by JuJuan Buford @JSBUFORD
We at NextOppSocial invite you to tune into an inspiring and informative interview with author, motivational speaker, and AIDS orphan Latresa Rice as she shares how entrepreneurship and the publishing industry specifically became a catalyst for her journey of healing, redemption, and servant leadership in society.
Latresa shares invaluable gems regarding how entrepreneurs can overcome the fears and trepidation associated with writing their first book, and what are the critical steps to ensuring the financial success of your literary work.
Grab a pen and journal, takes notes, and enjoy the infectious joy and passion as we explore the publishing industry, and how to live a purpose-driven, triumphant life!
And check us out at the NextOppSocial Aftershow 👉🏾 https://www.facebook.com/groups/nextoppsocial where we build community, share strategies and tips, and provide actionable content to help entrepreneurs level up in their endeavors.
_____________________________________________________________________
JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
Phone 👉 888.549.9689
Need a Business Coach 👉 https://bit.ly/SmallBizArchitectureSurvey
Schedule an Appointment 👉 https://bit.ly/SmallBizArchitectureMeetUp
Learn More 👉 https://bit.ly/
Media Kit 👉 https://bit.ly/JSBBSG_MediaKit
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